Diesel Price In Haryana:
Haryana, the northern state in India is one of the wealthiest states in the country. Agriculture, manufacturing sector, service industry and retail sector are the major drivers of state’s economy.
Faridabad, which is a part of the National Capital Region (NCR), is the most populous city in the state, while Gurgaon (officially Gurugram) is the financial and IT hub of NCR, with most Fortune 500 companies. Panchkula and Dharuhera are the places where automobile industries are located in the state.
Trend of Diesel Price in Haryana for November 2020 (rates per litre):
|Highest Rate in November||Rs.72.17 on 29th and 30th November|
|Lowest Rate in November||Rs.70.17 between 1st to 19th November|
Monthly Diesel Price Trend in Haryana for November 2020:
- In Haryana, the price of diesel opened at the rate of Rs.70.17 per litre. There was an inclining trend in the price of the fuel over the month with gradual fluctuations.
- Diesel price in Haryana was steady from the 1st of November till the 12th of November. There was a slight increase in the price after this period wherein the retail price of diesel had hit Rs.70.20 per litre. The fuel recorded its highest price for the month on 29th and 30th November wherein it stood at the rate of Rs.72.17 per litre. The lowest price for the month was recorded between 1st to 19th November wherein the price of the fuel retailed at the rate of Rs.70.17 per litre.
- The overall performance of the fuel witnessed an inclining trend in Haryana with the percentage change standing at 2.85%.
Trend of Diesel Price in Haryana for October 2020 (rates per litre):
|Highest Rate in October||Rs.70.17|
|Lowest Rate in October||Rs.70.17|
Monthly Diesel Price Trend in Haryana for October 2020:
- The price of diesel in Haryana at the start of October was Rs.70.33 per litre. When compared to the closing price of the previous month, the price of the fuel didn’t see any change.
- Over the month, diesel price witnessed a declining trend in Haryana. Having opened the month at the highest recorded price, the price of the fuel slipped to its lowest on 3rd October when a litre was retailed for Rs.70.17.
- Diesel price in Haryana closed the month of October at Rs.70.17 per litre. The percentage change recorded in the rates stood at -0.22%.
Trend of Diesel Price in Haryana for September 2020 (rates per litre):
|Highest Rate in September||Rs.73.26|
|Lowest Rate in September||Rs.70.33|
Monthly Diesel Price Trend in Haryana for September 2020:
- The price of diesel in Haryana at the start of the month was Rs.73.21 per litre. There was an increase of 3 paise in the rate of the fuel when compared to the closing price of the previous month.
- Over the month, diesel price witnessed an inclining trend in the state. The highest and lowest price for the month was recorded on 16th and 1st of September with a litre being retailed for Rs.73.26 and Rs.73.21 respectively.
- Diesel price in Haryana closed the month of September at Rs.73.26 per litre. The percentage change recorded in the rates stood at 0.06%.
Trend of Diesel Price in Haryana for August 2020 (rates per litre):
|Highest Rate in August||Rs.73.26 on 16, 22, 23, 26, 28, 29, 30 and 31 August|
|Lowest Rate in August||Rs.73.21 from 1 – 9, 12 – 14, 17 –21, 24, 25 and 27 August|
Monthly Diesel Price Trend in Haryana for August 2020:
- The price of diesel in Haryana at the start of the month was Rs.73.21 per litre. There was an increase of 3 paise in the rate of the fuel when compared to the closing price of the previous month.
- Over the month, diesel price witnessed an inclining trend in the state. The highest and lowest price for the month was recorded on 16th and 1st of August with a litre being retailed for Rs.73.26 and Rs.73.21 respectively.
- Diesel price in Haryana closed the month of August at Rs.73.26 per litre. The percentage change recorded in the rates stood at 0.06%.
Trend of Diesel Price in Haryana for July 2020 (rates per litre):
|Highest Rate in July||Rs.73.23 on 26, 27 and 28 July|
|Lowest Rate in July||Rs.71.96 on 4, 5 and 6 July|
Monthly Diesel Price Trend in Haryana for July 2020:
- Diesel price in Haryana at the start of the month was Rs.71.98 per litre. Compared to the closing price of the previous month, the rates remained stagnant in the state.
- Diesel rates witnessed an inclining trend in Haryana over the month. The highest and lowest price for the month was recorded on 26th and 4th of July when a litre was retailed for Rs.73.23 and Rs.71.96 respectively.
- The price of diesel closed the month of July at Rs.73.18 per litre. The percentage change recorded in the rates was 1.66%.
Trend of Diesel Price in Haryana for June 2020 (rates per litre):
|Highest Rate in June||Rs.71.98|
|Lowest Rate in June||Rs.62.03|
Monthly Diesel Price Trend in Haryana for June 2020:
- In the month of June 2020, diesel opened at the rate of Rs.68.62 per litre in the city of Haryana. When compared to the closing price of the previous month, there was a steep decrease in the price of the fuel.
- Over the month, the rates of the fuel witnessed an increasing trend in the city. The fuel recorded its highest price for the month on the last 2 days of June wherein it stood at the rate of Rs.71.98 per litre. The lowest price for the month was recorded in the state on the first 4 days when the fuel faired at the rate of Rs.62.03 per litre.
- The rates witnessed a steady hike in Haryana over the month of June. The percentage change in the overall performance of the fuel was 16.04%.
Trend of Diesel Price in Haryana for May 2020 (rates per litre):
|Highest Rate in May||Rs.62.03|
|Lowest Rate in May||Rs.59.30|
Monthly Diesel Price Trend in Haryana for May 2020:
- Diesel price stood at Rs.59.30 at the start of May in the state of Haryana. There was no change in the rates of the fuel when compared to what was charged on the final day of the previous month.
- Having stayed unchanged for the first six days of the month, the rates jumped by Rs.2.73 on the 7th of May. The increase in the rates saw a litre of diesel cost Rs.62.03 in the state. This was the highest recorded price of the fuel for the month.
- Following the increase in the rates on 7th May, no change in diesel price was recorded in the state. The rates closed the month at Rs.62.03 per litre. The overall performance of the fuel witnessed an inclining trend with the percentage change being 4.60%.
Trend of Diesel Price in Haryana for April 2020 (rates per litre):
|Highest Rate in April||Rs.59.30|
|Lowest Rate in April||Rs.59.29|
Monthly Diesel Price Trend in Haryana for April 2020:
- In Haryana, diesel was priced Rs.59.29 per litre on 1st April. There was no change in the rates when compared to the closing price of the previous month.
- Having seen no change in the prices over the first five days of the month, the rates saw a minimal increase of 0.01 paisa on 6th April. The increase in the price meant that a litre of diesel was retailed for Rs.59.30 in the state, the highest recorded price of the fuel for the month of April.
- Following that, the rates didn’t see any change over the month as Oil Marketing Companies decided against changing the prices even though international crude oil prices slipped considerably due to weak demand as most countries imposed lockdowns to control the spread of novel coronavirus. The overall performance witnessed an incline with the percentage change being 0.01%.
Trend of Diesel Price in Haryana for March 2020 (rates per litre):
|Highest Rate in March||Rs.61.20|
|Lowest Rate in March||Rs.59.29|
Monthly Diesel Price Trend in Haryana for March 2020:
- Diesel price in Haryana opened the month of March at Rs.61.20 per litre. The rates were down by 17 paise for every litre when compared to the previous month’s closing price. Over the month, the rates of the fuel witnessed a declining trend of 3.12% in the prices.
- The rates of diesel slipped in the state after recording its highest for the month on the opening day. The drop in the prices was accounted to weak demand for the fuel amid the increasing number of coronavirus cases and deaths across the world.
- The drop in the prices of international crude oil resulted in diesel prices slipping to its lowest for the month on 16th March. In the state, Oil Marketing Companies (OMCs) charged Rs.59.29 for a litre on the mentioned date.
- Diesel prices saw no change following that and closed the month at the same price. The fuel witnessed a declining trend in the prices over the month with the percentage change being -3.12%.
Trend of Diesel Price in Haryana for February 2020 (rates per litre):
|Highest Rate in February||Rs.63.03|
|Lowest Rate in February||Rs.61.37|
Monthly Diesel Price Trend in Haryana for February 2020:
- Diesel price in Haryana started the month of February at Rs.63.03 per litre. Compared to the previous month’s closing price, there was a drop of 11 paise in the prices.
- With international oil prices softening as the demand for fuel took a hit due to the outbreak of Coronavirus, the rates of diesel slipped in the state with every litre costing Rs.61.50 per litre on 18 February.
- The petrol rates dropped further and closed the week at Rs.61.37 per litre, which was the lowest recorded price for the month. The overall performance showed a declining trend of 2.63% in the state.
Trend of Diesel Price in Haryana for January 2020 (rates per litre):
|Highest Rate in January||Rs.65.89|
|Lowest Rate in January||Rs.63.14|
Monthly Diesel Price Trend in Haryana for January 2020:
- Diesel price in Haryana stood at Rs.64.72 per litre on 1 January. The rates witnessed a declining trend over the month due to the outbreak of coronavirus in China and tensions in the Middle East.
- The rates of diesel were on an upward curve over the first ten days of the month due to the ongoing tensions between the United States and Iran. Diesel touched its highest price for the month on 11 January with Oil Marketing Companies (OMCs) charging Rs.65.89 for a litre.
- With the outbreak of coronavirus in China and the increasing number of cases, the rates of global crude oil started to decline. This resulted in diesel prices coming down in the penultimate week of the month.
- The rates dropped further in Haryana after the World Health Organization (WHO) declared a global health emergency because of coronavirus. Diesel closed the month at Rs.63.14 per litre, the lowest recorded price for the month.
Trend of Diesel Price in Haryana for December 2019 (rates per litre):
|Highest Rate in December||Rs.64.72|
|Lowest Rate in December||Rs.62.61|
Monthly Diesel Price Trend in Haryana for December 2019:
- The diesel price in Haryana opened at the rate of Rs.62.61 per litre for the month of December 2019. The rate of the fuel increased significantly by the end of the month.
- The increase in the price of crude oil in the international market was one of the main reasons responsible for the increase in the rate of the fuel. With the expectations from the US-China trade deals, the price of the oil was affected further. There was an overall increase of 24% in the price of Brent crude oil during the year.
- The price of diesel stood at Rs.64.72 per litre in Haryana at the end of the month of December 2019. This is the highest recorded price for the month. The lowest recorded price was Rs.62.61 per litre. There was an overall incline of 3.37% in the price of the fuel.
Trend of Diesel Price in Haryana for November 2019 (rates per litre):
|Highest Rate in November||Rs.62.74|
|Lowest Rate in November||Rs.62.59|
Monthly Diesel Price Trend in Haryana for November 2019:
- Diesel price in Haryana stood at Rs.62.63 per litre on the 1st of November,12 paise lower than the previous day’s closing price.
- Diesel prices fluctuated in the second week, with the oil closing at Rs.62.62 per litre.
- After staying stable for the next few days, prices soared again, recording Rs.62.67 per litre.
- However, in the final week, diesel rate in Haryana dipped again closing at Rs.62.61 per litre. Overall performance of diesel was -0.02%, trending downwards.
Trend of Diesel Price in Haryana for October 2019 (rates per litre):
|Highest Rate in October||Rs.64.29|
|Lowest Rate in October||Rs.62.73|
Monthly Diesel Price Trend in Haryana for October 2019:
- Diesel price in Haryana stood at Rs.64.29 per litre on the 1st of October, its highest recorded price for the month.
- Diesel prices dropped amidst global economic crisis and closed the second week at Rs.63.31 per litre.
- Prices slumped further in the third week with the oil closing at Rs.63.04 per litre.
- Diesel in Haryana closed the month at Rs.62.73 per litre, its lowest recorded price for the month of October. In the international oil market, oil prices took a hit due to an unprecedented rise in US inventories and the looming economic slump. The overall performance of diesel in Haryana was -2.42%, trending downwards.
Trend of Diesel Price in Haryana for September 2019 (rates per litre)
|Highest Rate in September||Rs.63.36|
|Lowest Rate in September||Rs.61.98|
September - Week 1 (1-7):
- Diesel price in Haryana opened at Rs.62.11 per litre, unchanged from previous day’s closing price. State-run oil marketing companies decided not to cut prices due to weak demand of the oil.
- After staying stable for a couple of days, diesel prices were slashed by 2 paise on the 5th of September, recording Rs.62.09 per litre. Diesel dropped further, closing the week at Rs.61.98 per litre. Meanwhile, in the international oil market, crude prices went up after US confirmed that talks with China to reach a trade pact would be held in the coming weeks. If talks are held and issues are resolved, it might help the global economy to surge.
- Overall performance of diesel in Haryana for the first week of September was -0.20%, trending downwards.
September - Week 2 (8-14):
- Diesel prices in Haryana opened the second week of September at Rs.61.98 per litre. The rates were unchanged from the previous day’s closing price. The opening price was also the lowest recorded price for the month.
- The rates remained stable for a day before increasing gradually from 10 September as there was a sharp drop in US inventories. Meanwhile, in the international oil industry, the futures of crude oil dropped as participants reduced positions due to a weak trend in global markets.
- Diesel rate in Haryana closed the week at Rs.62.25 per litre. This was the highest recorded price for the month of September till now. The overall performance of diesel in the state was 0.22%. Given the current trend, the prices are expected to witness a substantial hike in the coming days.
September - Week 3 (15-21):
- In Haryana, diesel prices opened the third week of September at Rs.62.31 per litre. There was an increase of 6 paise from what was charged the previous day.
- The price of diesel remained stable for the next day before increasing by 14 paise on 17 September. Diesel prices continued to increase in the next few days as well, even though international oil prices dropped after Saudi Arabia’s energy minister stated that they will restore lost oil production by end of September.
- Diesel price in Haryana closed the week at Rs.63.36 per litre. This was the highest recorded price for the month of September till date. The substantial increase in the prices was primarily due to last week’s drone attack on Saudi Arabia’s Aramco oil refinery. Diesel overall performance in the state was 2.01%, trending upwards.
Trend of Diesel Price in Haryana for August 2019 (rates per litre):
|Highest Rate in August||Rs.62.85|
|Lowest Rate in August||Rs.61.98|
August 2019 – Week 1 (1-7):
- Diesel price in Haryana opened at Rs.62.85 per litre on 1 August, unchanged from last week’s price. State-run oil marketing companies decided not to change the rates of diesel in spite of weak demand of crude in the international market.
- price of diesel remained unchanged for the next couple of days before dropping slightly, recording Rs.62.81 per litre— drop of 4 paise per litre. Meanwhile, in the international market, crude prices fell amid worries over weaker demand after the Trump administration said it would impose tariffs on more Chinese imports.
- Diesel rate in Haryana closed the week unchanged at Rs.62.81 per litre. The overall decline of diesel price in Haryana was -0.06%. In the international oil market, crude price dropped owing to US-China trade tensions
August 2019 – Week 1 (1-7):
- Diesel in Haryana opened at Rs.62.71 per litre on the second week of August, recording a 10 paise drop from previous day’s closing price.
- Diesel dipped further by 13 paise on the next day, standing at Rs.62.58 per litre. The drop was primarily due to the ongoing US-China trade tensions, fuelled further by the Trump administration’s decision to impose more tariffs on Chinese imports.
- Diesel price in Haryana dropped marginally in the next few days before stabilising at Rs.62.28 per litre. The overall performance of diesel compared to the opening day was -0.90%, trending downwards. Meanwhile, in the international oil market, crude prices dropped due to possible supply cuts amidst looming global economic crisis.
August 2019 – Week 3 (15-21):
- Diesel in Haryana opened at Rs.62.28 per litre, unchanged from previous day’s closing price.
- Diesel slumped further in the next few days, closing the week at Rs.61.98 per litre. The overall performance of diesel in Haryana was -1.38%, trending downwards.
- The slump was primarily due to the weak demand of the oil. Meanwhile, in the international market, crude gained after US inventories fell.
August 2019 – Week 4 (22-31):
- Diesel price in Haryana opened at Rs.61.98 per litre, unchanged from previous day’s closing price. It also happened to be the lowest recorded price for the month of August.
- Price of diesel in haryana shot up on 26 August, recording Rs.62.20 per litre. Meanwhile, in the international oil market, crude gained after a substantial drop in US inventories.
- Diesel rate in haryana dropped soon after, closing the month at Rs.62.11 per litre. Overall, the performance of diesel in the month of August was -1.17%, trending downwards.
Trend of Diesel Price in Haryana for July 2019 (rates per litre):
|Highest Rate in July||Rs.63.50 on 7 July|
|Lowest Rate in July||Rs.61.21 on 1 July|
July 2019 – Week 1 (1-7):
- Diesel price in Haryana was recorded at Rs.61.21 per litre on 1 July. This was a slight increase compared to previous day’s closing price. The increase was primarily to the revision in petrol and diesel price initiated by major oil marketing companies.
- Diesel rate in Haryana increased slightly on 2 July, recording at Rs.61.26 per litre. Again, this was due to the revised diesel and petrol rates. The prices didn’t change in the next few days till 6 July.
- Diesel closed the week at Rs.63.50 per litre in Haryana. This was recorded as the highest price in the first week. The notable surge was due to the Government increasing excise duty by Rs.1 per litre and road and maintenance cess on petrol and diesel by another Rs.1 per litre.
July 2019 – Week 2 (8-14):
- Diesel price in Haryana opened at Rs.63.42 per litre, a 0.08 paise per litre drop from the previous day’s closing price. The reason for this slump could be attributed to the ongoing US-China trade tensions, which can have an adverse effect on the global economy.
- Diesel price further declined on the following day recording a 10 paise drop, standing at Rs.63.32 per litre. Though OPEC has decided to extend supply cuts, the looming global economic slump has prompted the investors to venture into safe-haven investment channels.
- Diesel rate in Haryana further dropped on the following days, closing at Rs.63.08 per litre on 14 July. Investors were still assessing the ongoing trade war and how much impact it would have on the global economy. The decline percentage considering the opening day diesel price in Bangalore and closing day price was recorded at -0.53%.
July 2019 – Week 3 (15-21):
- Diesel price in Haryana recorded stood at Rs.63.08 per litre on 15 July, same price as previous day’s closing price. Initially, the international oil market remained fairly balanced with OPEC and Russia deciding to extend supply cuts. However, on 15 July, crude prices dropped after China recorded its slowest quarterly economic growth in the last 27 years.
- Diesel rate in Haryana remained stable on the next few days amidst US stockpiles increasing, indicating weak demand. Surprisingly, diesel prices didn’t drop or increase amidst US-China and US-Iran tensions, and resumption of oil supplies from the Gulf of Mexico after the Hurricane Barry fiasco, which prompted US oil producers to cut supplies.
- Haryana diesel closed the week at Rs.63.08 per litre on 21 July. The price didn’t change throughout the week, though crude oil prices shot up due to ongoing US-Iran tensions. Speculation is rife that global crude prices can increase in the following weeks if the US-Iran issue don’t stabilise or deteriorates further.
July 2019 – Week 4 (22-28):
- Diesel opened the week at Rs.63.08 per litre – the highest price recorded during the week – unchanged from the previous day’s price. However, crude oil prices were on the decline after the International Energy Agency (IEA) said that it would act immediately to keep markets stable amid tensions in the Middle East.
- Prices were cut on 25 July when a litre of diesel in Haryana stood at Rs.63.03 which remained unchanged until end of the week despite a slight gain in crude oil prices after the US reported that its inventories have declined indicating a possible weak demand for crude in the market.
- Crude oil prices in the international oil market were down amid weak demand and the ongoing supply cuts by the OPEC and its allies. Additionally, the IEA said that its unlikely crude oil prices will rise sharply in the next few weeks attributed by the weak demand and a muted oil market.
Trend of Diesel Price in Haryana for June 2019 (rates per litre)
|2nd June||Rs.62.98 per litre|
|30th June||Rs.61.11 per litre|
|Highest Rate in June||Rs.62.98 per litre on 2 June|
|Lowest Rate in June||Rs.60.72 per litre from 20 – 23 June|
June 2019 – Week 1 (2-8):
- Diesel price in Haryana was at Rs.62.98 per litre on 2 June, up marginally over the previous day’s price even as crude oil prices declined in the oil market.
- State-controlled Oil Marketing Companies (OMCs) cut diesel rate in Haryana on 3 June by 38 paise to be priced Rs.62.60 per litre.
- Prices continued to decline over the course of the week as it ended at Rs.61.78 per litre, down by Rs.1.20 per litre compared to the opening price which came amid the stabilisation of crude prices in the market after plunging by more than 10% in the last four days.
June 2019 – Week 2 (9-15):
- OMCs decided to keep the diesel price in Haryana the same as the previous day’s price before reducing it by 48 paise the next day when a litre was sold at Rs.61.30.
- Prices continued to move downwards over the week even as it closed at Rs.60.86 per litre due to the drop in crude prices in the market.
- In the international oil market, crude oil prices plummeted due to concerns of the trade war between the US and China as well as due to the supply cuts led by the OPEC and its allies.
June 2019 – Week 3 (16-23):
- On 16 June, petrol was priced Rs.60.78 per litre, down by 8 paise as against the previous day’s price and remained unchanged until 19 June.
- Diesel price in Haryana were further cut on 20 June by 6 paise to be sold at Rs.60.72 per litre, the lowest diesel price recorded during June 2019.
- Crude oil prices declined amid tensions in the Middle East after Iran shot down a US military drone as well as investors were expecting a cut in interest rate by the US Federal Reserve to boost the global economy.
June 2019 – Week 4 (24-30):
- Diesel opened at Rs.60.83 per litre on 24 June, up by 11 paise over the previous day’s rate and was kept unchanged until 26 June.
- Diesel price in Haryana on 27 June rose by 5 paise to stand at Rs.60.88 a litre and continued to increase over the week before closing at Rs.61.11 per litre on 30 June.
- Overall, diesel prices in Haryana on June declined by 2.97% attributed by the slump in crude oil prices in the market impacted by the ongoing US-China tariff war and the US sanctions on Iran.
Diesel Price in Haryana Compared to Other States
In 2015, the government of Haryana along with other states including Punjab, New Delhi, Haryana, Himachal Pradesh and Chandigarh started implementing uniform tax structure on all goods and services including petroleum products.
The move, which was introduced to eliminate tax evasion and curb smuggling of goods from one state to another, ensures that VAT on all the goods sold in the aforementioned states is the same. However, with the introduction of GST, the uniform tax structure is no more applicable on all other goods and services except for petroleum products.
The petroleum products such as petrol and diesel in all the above mentioned five states still come under uniform tax structure. With the tax regime in place, diesel price in the five states will be almost same with a slight variation.
Comparing with the neighbouring Indian states, Haryana currently offers a litre of diesel for Rs. 59.64 as on 2 October 2017. The highest price is observed in the Telugu state of Andhra Pradesh at Rs. 66.11/Lt, while the lowest is being offered by the state of Mizoram at Rs. 56.63 per litre.
|Also Check: Diesel Price in Chandigarh|
How often Diesel Prices are Revised in Haryana?
In the state of Haryana, just like in any other India state, diesel prices are updated/revised on a daily basis, unlike the earlier fortnightly revision, which came to an end on 15 June 2017.
The daily revision of prices, also known as dynamic fuel pricing, came in to effect on 16 June 2017 to bring transparency in the fuel pricing in India.
With the dynamic fuel pricing in place, even the slightest change in the international crude oil prices will be reflected in the daily updated diesel price in India, thus benefits the end customer who would be enjoying even the slightest benefit in the fuel price.
In Haryana, diesel prices will be updated every day by 6 a.m. at every petrol pump. The same will be displayed high at the fuel stations. Customers can also view the daily revised diesel prices in the websites of the oil marketing companies including Indian Oil, Hindustan Petroleum, Bharat Petroleum and other private players such as Shell and Essar.
The companies also make the information about the updated diesel prices available on their respective mobile apps.
Trend in Diesel Price in Haryana between January and March 2018
|Opening date price||Rs.58.01 a litre||Rs.62.22 a litre||Rs.60.47 a litre|
|Closing date price||Rs.62.13 a litre||Rs.60.31 a litre||Rs.62.52 a litre|
|Highest price||Rs.62.13 a litre registered on 31st||Rs.62.32 a litre booked on 6th and 7th||Rs.62.52 a litre booked on 31st|
|Lowest price||Rs.58.01 a litre registered on 1st||Rs.60.30 a litre booked on 25th||Rs.60.47 a litre booked on 1st|
Trend in Diesel Price in Haryana in January 2018
- The fuel was offered at Rs.58.01 a litre as of 1st January by Indian Oil Company in Haryana. Hindustan Petroleum and Bharat Petroleum also retained the same price.
- On a daily basis, these three Oil Marketing Companies (OMCs) revise the fuel rate based on the variations in the Forex and crude oil markets.
- In January, the RSP of diesel in Haryana includes the unrefined oil cost, which was Rs.26 per litre; the expenses incurred by the OMCs, which were Rs.10.30 a litre; and the excise duty, which was Rs.15.33 a litre.
- All the cost elements were retained unaffected except crude oil costs, which were hiked by oil exporting countries in this month.
- With continually growing unrefined oil costs and a decreasing dollar, the OMCs have stretched the diesel prices in Haryana to their many-year highs.
- Across all parts of the state, the fuel market breached the highest price at Rs.62.13 a litre on 31st. The lowest price worked out to be Rs.58.01 a litre on 1st for the month.
- In December, crude oil was priced at $62.29 per barrel and the price accelerated to $67.06 per barrel in January. The USD/INR was also down and hence, the diesel rate in the state was up 7.10%.
Trend in Diesel Price in Haryana in February 2018
- Finance Minister advised revising the existing tax framework on 1st. He introduced an additional tax of Rs.7 a litre. Despite a noticeable change, fuel prices were not affected.
- On 1st, 2nd, 3rd and 4th, diesel was retailed at Rs.62.22 a litre in Haryana. Because of the unstable crude oil and Forex markets, the movement of fuel price was not consistent.
- For the month, the lowest price fell on 25th and the highest price on 6th. It is uncommon to observe.
- Unrefined oil was valued at $67.28 per barrel on 2nd, $64.62 per barrel on 7th, $63.63 per barrel on 16th, $62.37 per barrel on 21st , and $63.99 per barrel on 28th.
- The USD/INR exchange rate closed at Rs.64.29 on 7th, Rs.64.11 on 14th, Rs.64.82 on 21st, and Rs.65.22 on 28th. As a result, fuel prices were down 3.06% in February 2018.
Trend in Diesel Rate in Haryana in March 2018
- Like the previous two months, the domestic influencers were not modified in this month. Globally, except the variations in the exchange rate and the crude oil expenses, other elements such as refinery activities and the political trends in crude oil marketing nations were not changed.
- Production cuts and demand severely impact the crude oil price internationally. As far as this quarter is concerned, the extraction of unrefined oil was constant. The commodity was supplied uninterruptedly.
- Based on the demand pattern for the commodity, once again, the fuel commenced gaining its value until the end of March. But, the impact of the exchange ratio was nominal.
- Though we can observe an upward trend in March, the growth rate has been lower compared to January. From 7.10%, the growth rate slid to 3.39% in Haryana.
- Between January 2018 and March 2018, Bharat Petroleum, Hindustan Petroleum and Indian Oil have declared a growth rate of 7.74%, which was above the expected level.
- The highest rate for the month of March and the whole quarter was reported to be Rs.62.52 a litre. On the contrary, the lowest rate for the month was Rs.60.47 a litre.
Factors Affecting Diesel Rate in Haryana
Diesel pricing is composed of various elements some of which are fluctuating in nature, resulting in varying diesel prices every day.
The primary component that decides diesel price in Haryana or elsewhere in the country, is the international crude oil price. India being one of the biggest importers of crude oil, purchases crude oil from other countries. The price at which the oil companies buy a barrel of oil from international companies forms the major component of diesel pricing. The higher the price of a barrel of oil, which is equivalent to 159 litres of oil, in international market, the higher the retail selling price of diesel in India.
As the crude oil is often purchased in US dollars, the Indian rupee to US dollar exchange rate becomes the next important factor that influences the diesel price. If the value of rupee falls against the dollar, companies have to shell out more money to buy the oil, making diesel dearer.
Other important elements that form more than 50% of the selling price of diesel are the central and state taxes levied on diesel. The governments at both the state and centre level are often criticised for levying higher taxes on the commodities that play a crucial role in the day to day life of every citizen, despite which they continue to charge the same, as taxes are their main revenue generators.
Cost of freight and transportation, profit margins of dealers and oil companies, other charges such as pollution cess and surcharge on taxes are the other elements involved in diesel pricing. They do make a marginal variation in the price of diesel.
State Taxes and Diesel Price in Haryana
As discussed earlier, state and central government taxes form a major chunk in the diesel price. While the central government levies excise duty on diesel, the state government charges value added tax (VAT).
While the excise duty on diesel remains same across all Indian states, VAT is one thing that changes from state to state as it is decided by the respective state government.
Currently, the Haryana government charges 16.4% VAT per litre of diesel. After adding cess and surcharge on VAT, the effective tax rate on diesel comes to 17.22%, which is 13.6 points less than the highest tax levied by the Andhra Pradesh government and 5.22 points more than the lowest VAT levied by the Mizoram government.
The last hike on VAT levied on diesel in Haryana was made in July 2015. It was increased from 12.07% to the current 17.22% per litre.
Effect of GST on Diesel Price in Haryana
GST or the goods and services tax, which was introduced in India in July 2017, replaces multiple taxes levied by state and central government at various levels in India. Currently, GST is being levied in four different tax brackets including 0%, 5%, 12%, 18% and 28%.
While the implementation of GST impacted the prices of most of the commodities in India both positively and negatively, its effect on prices of diesel and other petroleum products, for now is, zero.
This is because of the exemption that was given for diesel and other petroleum products, which are currently kept outside the purview of GST. Therefore, diesel is still taxed as per the old tax regime, which includes both central and state taxes.
If diesel is brought under GST, assuming that it is taxed the highest, which is 28%, its price will be still lesser than the current price as the combined state and central taxes on diesel in Haryana are more than 28%. Hence, bringing diesel under GST net would likely to decrease its price in Haryana.
Diesel Rate versus Petrol Rate in Haryana
Compared to petrol, diesel is available at a lesser price in Haryana, similar to its neighbouring states. As of 3 October 2017, there is a Rs. 11.43 price variation between petrol and diesel in Haryana, with petrol priced at Rs. 70.82/Lt and diesel at Rs. 59.37/Lt.
The price variation between petrol and diesel is mainly due to difference in taxes being levied on the two commodities. As diesel is widely used fuel across various sectors in India including transport, manufacturing, agriculture, construction among others, the taxes on the commodity are lesser compared to its counterpart.
While the central excise duty on a litre of petrol is Rs. 19.48, it is Rs. 15.33/Lt on diesel. Similarly, VAT levied by Haryana government on petrol is 26.25%, while it is 17.22% on diesel.
Other factors that bring marginal variation in the prices of petrol and diesel in Haryana are the international crude oil price, dealer’s profit margin and other charges such as surcharge and cess.
Also Check Diesel Price in NearBy Cities of Haryana
|Diesel Price In Gurgaon||Diesel Price In Hisar||Diesel Price In Faridabad|
|Diesel Price In Karnal||Diesel Price In Ambala||Diesel Price in Chandigarh|
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